TOKYO - Gold prices have hit a historic milestone, topping 30,000 yen per gram for the first time, with the surge spilling over into silver and other precious metals and creating unexpected strains across a wide range of industries.
Gold’s retail price has continued to climb sharply since the start of 2026, defying earlier predictions that it would peak after surpassing 20,000 yen in 2025, and on January 29 it broke through the 30,000-yen mark for the first time on record. According to Tanaka Kikinzoku Kogyo, the retail price including tax rose from 24,491 yen on January 5 to 30,248 yen on January 29, an increase of 2,263 yen from the previous day.
Pulled higher by gold’s rally, silver prices have also surged, with their rate of increase outpacing gold. A one-kilogram silver ingot that sold for 171,000 yen on January 29 last year was priced at 650,000 yen on January 29 this year, while the price of silver cups rose from 20,520 yen to 78,000 yen, and silver spoons jumped from 5,688 yen to 21,636 yen over the same period. Retail silver prices, which hovered around 156 yen per gram in January 2025, climbed steadily to 328.20 yen by December 2025 and then spiked to 650.10 yen on January 29, based on average pre-tax retail prices from Tanaka Kikinzoku Kogyo.
Explaining the reasons behind the sharp rise, appraiser Kazuya Matsumoto of Kaitori Daikichi said higher gold prices are pushing consumers toward relatively cheaper silver, while industrial demand is also expanding, particularly for products such as solar panels that use large amounts of silver. He cautioned that while prices may continue to rise, the speed of the increase raises the risk of a sudden correction.
The surge in silver prices could even affect the medals used at the Winter Olympics beginning in February. As of January 29, a gold medal containing 500 grams of pure silver and 6 grams of pure gold was valued at 506,538 yen, compared with 125,476 yen on January 29, 2024, the year the Paris Olympics were held. A silver medal made from 500 grams of pure silver was valued at 325,050 yen, up from 61,600 yen a year earlier.
Rising gold and silver prices are also lifting other precious metals, including platinum and palladium. Average prices as of December 2025 stood at 9,554 yen for platinum and 7,995 yen for palladium, according to Tanaka Kikinzoku Kogyo. Palladium, a rare metal, is used in dental alloys, jewelry such as rings, and catalytic converters that remove harmful substances from automobile exhaust.
Some industries are benefiting from the price surge. At Kuriyama Motor Industry in Tokyo’s Edogawa Ward, which dismantles automobiles, filters inside mufflers containing platinum and palladium were once difficult to sell when damaged or deformed, but since around 2025 they have increasingly found buyers, turning what was once waste into a source of revenue.
Others, however, are struggling. At Mito Dental Clinic in Tokyo’s Setagaya Ward, soaring metal prices are squeezing dentists who rely on insurance-covered treatments. Although commonly called “silver teeth,” dental alloys also contain gold and palladium, and the rapid rise in metal prices has outpaced insurance reimbursements. According to Mito Hayasaka, chair of the Tokyo Dental Health Insurance Physicians Association, dentists are now losing about 6,300 yen per tooth, with losses accumulating and putting growing pressure on clinic management.
Source: TBS
